San Diego, CA, February 07, 2019 --(PR.com
)-- Mission Federal Credit Union, San Diego’s largest locally based financial institution exclusively serving San Diego County, has conducted a survey of 400 San Diego County residents between the ages of 25 and 54, asking questions about credit card use and paying down credit card debt. The survey asked participants what purchases they made with credit cards
, how many active credit cards they use, what their balance was, and how they managed and repaid their balance.
The survey showed 45 percent of participants used their credit cards responsibly, keeping their balance under $1,000 and paying it off in its entirety each month. Still, many people carried significant credit card debt, with about 13 percent only making the minimum payments on their credit card balances each month. In part, this difficulty in paying down credit card debt may result from using too many cards and losing track of money spent, as over 50 percent of respondents carried between 2 and 7 credit cards. Ultimately, the survey sought to discover the impact of credit card debt, with the last question of the credit card survey asking if credit card debt caused participants to worry, stress or lose sleep.
Mission Fed VP Card Services Lori Koscki said, “At Mission Fed, our members’ success is important to us. These survey results will help us provide the right information and support to our members and the San Diego community, so they can use credit responsibly and pay down their credit card debt.”
These compelling statistics demonstrate that many people could use some guidance when it comes to credit card usage. See the full survey results online
to find out how San Diegans use their credit cards, and learn more about Mission Federal Credit Union at www.MissionFed.com/Credit-Cards.
About Mission Federal Credit Union:
Mission Federal Credit Union is a not-for-profit organization providing a wide variety of financial services to meet the needs of its customers. With over $3.5 billion in assets, 31 local branches, and more than 240,000 customers, Mission Fed is the largest, locally based financial institution exclusively serving San Diego County. Mission Fed enhances the lives of its customers through financial education and financial services. In addition, Mission Fed contributes to hundreds of educational and nonprofit organizations. All San Diegans are welcome. Insured by NCUA. To learn more, visit www.MissionFed.com.